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UAE’s ADNOC to Begin Production at Ras Al Sadr Gas Field

The field has production capacity of up to 100 million standard cubic feet of gas per day. WAM
The field has production capacity of up to 100 million standard cubic feet of gas per day. WAM
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UAE’s ADNOC to Begin Production at Ras Al Sadr Gas Field

The field has production capacity of up to 100 million standard cubic feet of gas per day. WAM
The field has production capacity of up to 100 million standard cubic feet of gas per day. WAM

The United Arab Emirates' state-owned energy giant ADNOC is to start production at the Ras Al Sadr gas field in Abu Dhabi, state news agency WAM reported on Thursday.

The field has production capacity of up to 100 million standard cubic feet of gas per day, WAM said.

Ras Al Sadr is being developed jointly by ADNOC and JODCO, a subsidiary of one of Japan’s largest oil and gas exploration and production companies, INPEX.

“The successful restart of operations in the Ras Al Sadr field highlights ADNOC’s commitment to setting new industry standards as we strive to responsibly meet the demands of an ever-changing energy market,” said ADNOC Upstream Executive Director Abdulmunim Saif Al Kindy.

“The first well at Ras Al Sadr was the start of Abu Dhabi’s oil industry that has powered the UAE’s economy for over half a century. This achievement underscores our contribution to the prosperity and sustainability of the country and reaffirms our commitment to operate in harmony with local communities to create lasting and sustainable value for the nation,” he added.

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Türkiye Cenbank Cuts Rates by 250 Points to 45% as Expected

14 January 2025, Türkiye, Istanbul: A man seen rowing his boat along the Moda beach. Photo: Onur Dogman/SOPA Images via ZUMA Press Wire/dpa
14 January 2025, Türkiye, Istanbul: A man seen rowing his boat along the Moda beach. Photo: Onur Dogman/SOPA Images via ZUMA Press Wire/dpa
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Türkiye Cenbank Cuts Rates by 250 Points to 45% as Expected

14 January 2025, Türkiye, Istanbul: A man seen rowing his boat along the Moda beach. Photo: Onur Dogman/SOPA Images via ZUMA Press Wire/dpa
14 January 2025, Türkiye, Istanbul: A man seen rowing his boat along the Moda beach. Photo: Onur Dogman/SOPA Images via ZUMA Press Wire/dpa

Türkiye's central bank cut its key interest rate by 250 basis points to 45% as expected on Thursday, carrying on an easing cycle it launched last month alongside a decline in annual inflation that is expected to continue.

The central bank indicated it would continue to ease policy in the months ahead, noting that it anticipated a rise in trend inflation in January, when economists expect a higher minimum wage to lift the monthly price readings, Reuters reported.
In a slight change to its guidance, the bank said it will maintain a tight stance "until price stability is achieved via a sustained decline in inflation."
Last month, it said it would be maintained until "a significant and sustained decline in the underlying trend of monthly inflation is observed and inflation expectations converge to the projected forecast range."
In a Reuters poll, all 13 respondents forecast a cut to 45% from 47.5% in the one-week repo rate. They expect it to hit 30% by year end, according to the poll median.
In December, the central bank cut rates for the first time after 18-month tightening effort that reversed years of unorthodox economic policies and easy money championed by President Recep Tayyip Erdogan, who has since supported the steps.
To tackle inflation that has soared for years, the bank had raised its policy rate by 4,150 basis points in total since mid-2023 and kept it at 50% for eight months before beginning easing.
Annual inflation dipped to 44.38% last month in what the central bank believes is a sustained fall toward a 5% target over a few more years. It topped 75% in May last year.
"While inflation expectations and pricing behavior tend to improve, they continue to pose risks to the disinflation process," the bank's policy committee said after its rate decision.
A 30% administered rise in the minimum wage for 2025 was lower than workers had requested, though it is expected to boost monthly inflation readings this month and next, economists say.
The expected January inflation rise "is mainly driven by services items with time-dependent pricing and backward indexation," the bank said.
The central bank has eight monetary policy meetings set for this year, down from 12 last year.